EURJPY lost its shine on hopes of an aggressive rate hike by the BOJ. It continues to be bearish so long as it's miles below 182. Having attained an intraday low of 179.22, it now hovers about 179.743.
Technical Analysis:
The EUR/JPY pair is below 55 EMA, 200, 365-H EMA and above 800- EMA on the 4-hour chart.
- Near-Term Resistance: Around 180.25, a breakout here could lead to targets at 180.75/181.47/182/183/184.40/185.
- Immediate Support: At 179, if breached, the pair could fall to 178/176/175.
Indicator Analysis (4-hour chart): - CCI (50): Bearish
- Average Directional Movement Index: Bearish
Overall, the indicators suggest a bearish trend
Trading Recommendation:
It is good to sell on rallies around 180 with a SL around 181 for a TP of 178.
